Place rice in a strainer and rinse under running water until water runs clear, 3-4 minutes.
Set Instant Pot to SAUTE. Add the olive oil and onions and cook until translucent. Add in the garlic and cook for 30 seconds. Add in rice and saute for 2 minutes. Pour in chicken stock then add cumin, chili powder, salt and, pepper. Stir. Pour in tomato sauce but do not stir.
Secure lid on the pot. Select RICE button (it will set to 12 minutes) and close the steam valve.
Once the timer goes off, do a quick-release on the steam valve. Carefully, remove lid and fluff rice with a fork. Taste and adjust seasoning. Serve immediately.